The Colombian Synergy Group, the sole entity interested in Jet Airways, has sought time till November 30 to complete its due diligence and put in a formal bid for the grounded airline, sources said. The committee of creditors (CoC) for Jet Airways may give the group time till the end of October, The Financial Express reported. The resolution of the airline will consequently get delayed further. “The Synergy Group has not yet found an Indian partner. They are also taking time to complete due diligence and prepare a business plan.

Federal Bank, invoking provisions in the Insolvency Code 2016, has taken possession of a sea plane by using the services of an insolvency professional for recovery of a defaulted loan, The Hindu reported. A statement from the bank said that the seaplane company owed more than 6 crore to the bank and as the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act did not envisage action on assets such as aircraft, the bank invoked provisions of the Insolvency and Bankruptcy Code 2016 to recover the loan dues.

Bank of India has filed a petition for insolvency against Dharani Sugars and Chemicals, a flagship company of the PGP Group of Companies with the National Company Law Tribunal (NCLT), The Times of India reported. Dharani Sugars said that consequent to its debts being classified as non-performing in August 2018, the company submitted a resolution plan to its lenders, and also put forward a proposal for One Time Settlement (OTS) to the banks, both of which are under consideration.

Mainboard-listed Koon Holdings and its subsidiary Koon Construction & Transport (KCT) have applied for a 90-day debt moratorium as they intend to propose and implement a scheme of arrangement with their creditors, the Business Times reported. On Tuesday, the two companies filed the applications with the High Court of Singapore to obtain an order, among other things, that no legal action or proceedings against them be commenced or continued.

Analysts on the lookout for China’s next financial shock are training their sights on the least regulated corner of the nation’s sprawling shadow banking system, Bloomberg News reported. Their concern centers on so-called independent wealth managers, which have expanded rapidly in recent years by selling high-yield products to affluent investors. Largely untouched by a government clampdown on nearly every other form of non-bank financing, the industry has grown from obscurity into a major source of funding for cash-strapped Chinese companies.

In New Delhi’s bustling Malviya Nagar market, the local Punjab & Maharashtra Co-operative Bank branch was known for its helpful staff — and for offering interest rates on deposits that were 0.75 percentage points higher than mainstream commercial banks, the Financial Times reported. “The staff here were very friendly,” says Tilak Arora, 43, the owner of a video game parlour whose life-savings of Rs10m ($141,000) was deposited at PMC. “They also did not demand too many documents to open the account.

India’s Yes Bank on Sunday said it filed a police complaint against what it called as “fake news and rumours” about its financial health circulating on social media, including on the Facebook-owned messaging platform WhatsApp, Reuters reported.

Ashish Shah is caught in the middle of India’s latest financial crisis. As chief operating officer of Radius Developers, he’s struggling to fund construction of apartment complexes because of a liquidity crunch in the nation’s bloated shadow-banking sector, Bloomberg News reported. “Real estate is a sitting duck,” said Shah. “The timing is very crucial as the slowdown has hit the real estate market quite hard.

Airline bankruptcies have increased this year at the fastest ever rate, led by the collapse of India’s Jet Airways, British travel group Thomas Cook and Avianca of Brazil, according to industry data published on Friday, Reuters reported. “2019 has seen the fastest growth in airline failure in history,” said airline consulting firm IBA, which has tracked plane fleets returned to lessors or administrators by 17 carriers that have gone bust so far this year.

Indian stocks declined amid a global sell-off on deepening concerns over an economic slowdown and domestic worries about the health of the financial sector, Bloomberg News reported. The S&P BSE Sensex declined 0.5% to 38,106.87 as the 3:30 p.m. close in Mumbai, while the NSE Nifty 50 Index slid 0.4%. Renewed doubts about debt and the availability of liquidity for non-bank lenders have helped spark a bearish turn in the market.